RATE Group | Hong Kong’s New Criteria on Crypto Exchanges Actually Isn’t Important
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Hong Kong’s New Criteria on Crypto Exchanges Actually Isn’t Important

15 Nov Hong Kong’s New Criteria on Crypto Exchanges Actually Isn’t Important

Posted at 15:21h in Cryptocurrency News by

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On Nov. 7, Ashley Alder, the CEO of the Securities and Futures Commission of Hong Kong, said at a conference that a new framework for crypto exchanges will be implemented. Almost immediately after the announcement, Reuters reported that a crypto exchange based in Hong Kong called OSL became the first to apply for a license with the SFC.

While the introduction of a license for crypto exchanges by the government of Hong Kong is widely viewed as positive reinforcement for the growth of the crypto sector in Asia, some view it as a redundant solution that fails to facilitate the needs of local exchanges.

 

Why is it redundant?

In a conversation with Cointelegraph, George Harrap, the co-founder and CEO of Bitspark, a company based in Hong Kong that allows crypto-to-cash trades, said that the framework is not applicable to the majority of exchanges that operate within the region.

Simply put, because the framework restricts the scope of the license to companies…

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